Background
Organized crime and other large highly profitable
criminal activities are increasingly being perpetrated
on a cross-border basis. This is particularly the
case for financial operations where criminals use the
open international financial system to benefit from
the free movement of capital throughout the world in
order to hide the illicit origins of the proceeds of
their crime and further their illicit activities.
How can the CEI program help?
This program will focus on “The Forty Recommendations”
as set forth by the Financial Action Task Force
(FATF). FATF has noted increasingly sophisticated
combinations of techniques, such as an increased use
of persons to disguise the true ownership and control
of illegal proceeds. Government officials and banking
executives with responsibilities in this important
area will have the opportunity to meet and discuss the
subject with U.S. experts and learn how the U.S. banking industry has
responded.
Topics to be covered
The key document will be the Forty Recommendations
published by FATF. A number of supporting documents
and topics will be discussed in detail.
Where
will the program travel?
The banking mission will visit U.S. money center banks
in New York and Washington. Regional banks in Chicago,
Cincinnati, and other cities will also be visited as
well as various government offices and institutions.
Federal Reserve banks in different locations will also
be visited.
Expected Benefits
Participants will gain the information needed to
evaluate their own laws, practices, and procedures
with respect to fighting money laundering. We expect
that the participants will be able make modifications
which will bring them into compliance with
internationally acceptable practices.
Benefits of a Banking program
The program will visit many different organizations.
As a result they will be able to see “best practices”
in a number of different states and communities and be
able to select those that best meet their needs at
home. This is in sharp contrast to using high priced
consultants who are not familiar with the industry
practices in the home country and do not understand
the cultural climate.
© Copyright CEI World 2006
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